Influence of Financial Services Sector on Corporate Sustainability Development Support: Insights from Zimbabwe Stock Exchange Listed Firms
Keywords:
Sustainability reporting, Green financing, Sustainable Development GoalsAbstract
Objectives: This study examines the role of the financial service sector in promoting environmentally related sustainable development goals (SDGs). The primary purpose is to assess how listed financial institutions integrate sustainability into their operations, investment decisions, and corporate strategies. The study seeks to analyse the financial service sector’s sustainability development support towards SDGs, evaluate the environmental sustainability practices adoption in achieving SDGs, and to identify barriers and enablers to sustainable development support by the financial service sector in Zimbabwe. Prior Work: Building on extant literature on achieving sustainability development goals, the paper positions sustainability reporting and the role played by the financial service sector in advancing sustainable development support in emerging economies. Approach: Content analysis of publicly available annual reports and sustainability reports of listed financial service firms was used to achieve the study objectives. Further, thematic analysis from interviews conducted with bank employees was done to get deep insights of research findings. Results: Findings indicate that sustainability development financing of SDGs is not fully supported, and significant gaps remain, particularly concerning SDG 14 and SDG 15, indicating a sustainability agenda that is not yet fully comprehensive. Implications: From a policy perspective, the study offers regulatory frameworks that incentivise green financing and sustainability reporting. The study also academically enriches the literature on sustainable finance in emerging markets, particularly in sub-Saharan Africa. Value: The study contributes significantly to practice by providing financial institutions and listed firms with evidence-based strategies to enhance sustainability integration. This study underscores the transformative potential of finance in fostering long-term economic, environmental, and social resilience in Zimbabwe.
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